Perth voted as the leading state for housing market confidence in the next 12 months

The reopening of Western Australia’s borders gave Perth’s property market its second wind last March, as the city saw a boost in monthly growth amid Australia’s slowing pandemic boom. Majority of investors are seeing themselves invest in Perth or Brisbane over the next 12 months, according to a national survey.

40% of investors pointing to Perth as the best place to invest and leads the list as the most viable city for property investment. On the other hand, Brisbane also topped the list with around 32% of active investors targets Queensland capital for investment over the next 12 months. Affordability is driving the heightened interest of investors towards the Perth and Brisbane. Of those who said Perth is the best location, main reasons are the value offered by the city and Perth’s position in the housing cycle is the chief drawcard.

Around 29% of those who favoured Brisbane were attracted by the city’s current place in the housing cycle and its affordability. While others who listed Brisbane as their place to invest highlighted the announcement of the city to host the 2032 Olympic Games as a driver for their preference.

In particular offers investors considerable value for money. “The latest Housing Affordability Report by the Real Estate Institute of Australia confirms that in the December quarter of 2021, 26.2% of household income was needed to service a home loan in WA, compared to 37.3% in Victoria and 46.5% in New South Wales,” Mr Collins said.

NAB’s Residential Property Survey were consistent with other national surveys, where property professionals voted Perth as the leading state for housing market confidence in the next 12 months. Mr Collins said strong economic conditions, combined with the continued tightening of stock on market and a projected uptick in demand in Perth, are expected to drive further growth in the year ahead.